In a significant move to bolster its U.S. operations, IQ-EQ has announced the acquisition of South Watch, a firm specializing in fund administration and tax preparation services for clients in the United States and the Cayman Islands. This acquisition marks a strategic expansion for IQ-EQ, allowing the global investor services group to deepen its footprint in the Boston market.
IQ-EQ's purchase of South Watch from Everlane Equity Partners and principal employee shareholders underscores its commitment to enhancing its comprehensive client offerings in the U.S. While financial details of the transaction remain undisclosed, the acquisition is set to immediately integrate South Watch into IQ-EQ's brand, aligning the expertise and reputation of South Watch with IQ-EQ’s growth ambitions. Founded in 2016 by Paul Timmins and David Loescher, South Watch has cultivated a robust reputation in hedge fund administration, making it a perfect fit for IQ-EQ's expanding U.S. portfolio. Kirby Richards, who joined as managing partner in 2017, will continue to play a key role alongside Timmins and Loescher.
With this acquisition, IQ-EQ's U.S. team now encompasses over 630 experts across 14 offices nationwide, serving an extensive client base. The integration of South Watch will further enhance IQ-EQ's capabilities in liquid funds, with Timmins taking on the role of head of product, liquid funds, and Richards and Loescher becoming co-heads of fund administration, liquid funds. This strategic move is part of IQ-EQ’s broader North American wealth strategy, which includes working closely with family offices and other high-net-worth clientele to deliver tailored services.
The acquisition of South Watch is not just about expanding IQ-EQ's geographical reach. It also represents a strategic alignment of resources and expertise, positioning IQ-EQ as a formidable player in the competitive landscape of global investor services. As Chip Martin, president of private wealth at IQ-EQ U.S., highlighted, this expansion allows IQ-EQ to continue serving a growing clientele with bespoke services that cater to the complex needs of family offices and high-net-worth individuals.
IQ-EQ's post-acquisition plans include employing a global workforce of nearly 6,000 people across 27 jurisdictions, managing total assets under administration exceeding $750 billion. This is part of IQ-EQ's ongoing strategy to leverage its existing subsidiaries like First National Trustee Company, The Private Office, AGAMA Group, and AMAL to offer an integrated suite of services that cater to sophisticated financial needs.
Looking ahead, the integration of South Watch is set to deliver significant value to IQ-EQ’s clients, enhancing the firm’s ability to provide sophisticated fund administration and tax optimization services. As IQ-EQ continues to expand its global footprint, this acquisition is a testament to its commitment to delivering excellence in wealth management services on a global scale. With the strategic vision of IQ-EQ's leadership, the firm is well-positioned to navigate the evolving landscape of global wealth management and provide unparalleled service to its high-net-worth and institutional clients.
(Editors: admin)